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Home My WebLink About2627UntwRw CoveN~Nrs. Borrowe~ and Lcoder covenant and a~ree as fullows: 1. tyweN N hl~c~i ri I~e~t. Borrower sh~ll promp~l~~ pay w~hen dtx the priqci~aF~ n( and inlerost nn the ~ndeb~ednas ev~deeoed bY the Nde, prcpayme~t and Istt charge~ ~~ provided ~n tht Nole. and the pri~cipal of aod intercsi on any Futu~e l~dvances x.-urod by this Mort~a~e. . 2. FMi ter Ta=M ~wi 1~wrsK~e. Subject to applicabk law ..r to a written waive~ by l.ender. BoROwer shall pay to Lender on the day montAly iniallments o( pnncipal anJ ~n~~rc.~ a~r payahle undtr the Note, un~il the N..~e ~s paid in (ull. a smn (Atr+ein "Fundt"- equal to a~e-twYltth of the yea~l~ ~a~c~ anJ asxssments which may atla~~ pr~arity ove~ ~h~s Mattsaje, and `round rents on the Property, i( any, plus c~e-twel(~h of yeuly premium inslallments tor ha~ard insurance. plus one-tweltth of yearly prcmium installmen~s (or mcxtgage insunnce, i( any, all a~ roasonal+ly estimated ini~ially and trom time to time by Lendtr on the basn ot a~xs~mcnts and hills and reasonable es~imates thercot. The Funds shall t+e held in an ~~s~au~~on ~he de~~~. or accoums of wrhich arc insurcJ or ~uara~~~ee.1 by a 1'tderal ot siate ajency (includina Lende~ it Lender n~uch an ins~itu~ion). Lender shall apply the Funds to ~+ay sa~d ~axes, asxssments, iusuralwt pr~emiums at~d ~rcwnd rcnts 1 tnder may not charge tar io holdmg and applying Ihe F~~nde. analy~~ng aa~d account. or verifyin~ sod complina said assessments and Aills, unless I.ender pays Borrowe~ interest on the FunJt and applrcahlt law permitt l.eeder tp makt such a charge. Bor~ower and l~nder may agree in writin~ al the time ~~f execu~ion ot this Mortsa~e that interest on the Funds shall he pa~d ~o Borrower, and unless such agreemen~ ~s made ~-r applicahle law roquira sucA intercst to be paid. Lender shall no~ ~+e rcqwred to {+ay Aorrower any imerest or carmngs on Ihe Fund~. I.en~ier sAall jivt to Borrowet, without charge, an annual acccwnhng ot ~he Funds shawing credits anJ debi~~ to the 1=unds and the purpose for rvhich aeh debit to the Funds wa~ mack. The f=w+ds are pledged as aJditional eecunt}• tor ~he sums aecured Ay tAis Mottpge. • . lf the amount ot tbe Funds held by Lender, together w~th ~he fu~ure monthly inaallments o( Fundt payablc pr~or to it~ ~i~ ciatts ~f iaxc~, ~ssme~iia, IItSUfaAI~ ~iCflitY111S riill ~i~Niii~I teill~. SI'~eti ~a~eed iha'. am~u~t reyts:rcd tu ~.ay~ ~a:~! *.a~r~, as~dpne~ts, ~~unnce prcmiums at~d ground rcnts as they tall due, such eice~s chall be, a~ Barrower's ophi~n, e~lher protnptty rcpaid to Borrower or credhed to Borrower on monthly ins~alimen~s ot Pundc. If 1he amount ~•f ~he 1•unds Aeld by Leoder shall not be st~fl'icient to pay taxes, asxssments, insurance ptem~ums and grouncl tents aa ~hey (all d~~e, Bomo~vet sl~all pay to I~nder any amount necessary to make up the defic~ency with~n l0 days (ram the date nm~ce ~s mailed by L~nde~ to Borrower rcquestin8 paYmen~ thereof. Upon paymtnt in full of all tum~ secured by th~s Mor~gage, 1_endcr shall promplly re(und to Bormw~e~ a~y i~unds hdd by l.ender. it under puagraph 1R hercof the P~openy ~s u~ld or ~he Propcrty ~a otherwice acywrcd by 1 cndcr. 1 cnder s6a11 apply, no later than ~mmediately pnor to the saie o( 1he Prupehy or ns acyws~lion by I.ender, any f'unds hel~l hv Leodet at the time ot application u a credit aga~ost the sums secured by ~h~s Mortgage. 3. A~cat~ ot Payt~e~ts. Unlecs appl~cablt law provicfes ~itherwiu, all payments received by I.eoder undcr the Note and paragnphs I and 2 hermf shall be applicd by I.cnder fi~t ~n payment of amounts payable to 1 cnder by Bo~ruwc- under paraaraph 2 hereof, then to ~nterest payablt on the NWe, Ihen to the principal o( the Note, anJ thcn lo intercc~ and ~+rnc~pat c~r± any Future Advances. <. Ctiar~es; Lkas. Borrower tihall pay al! ta~e~. a~~e:s~mems and o~her chargeti. fine~ a~~d imMniUunc allnbulahlt t~~ tbe Property which may attain a pnori~y over this Mortgage, and Icaschuld payments or grouno reMs, it any, in the manner pmv~ded under paragraph 2 hereo( or. ~f n~.t paid in aKh manner, by Borrower making payment, when due, d~~ectly to the payee thereof. Borrower shall prompdy (urn~sh to LenJer all not~rr~ of amounts duc under this para~taph, and in the event Borrower sRall make payment d~rectly, Borrov-~er ~hall promp~ly turnish to I~nJer receipts ev~dencing such payment~ Bortowtc shalt promptly discharRe any iien which has pnon~y over th~c Mortgage: prov~Jed, ~hat Borrower shall nnt be reqwred to discharge any such I~en w long as BorruNrr shall agrce i~ wriling 1~~ 1he p~yment o! the obl~gal~un cecured by such I~en m a manner acceptable to Lender, ~-r tih;-11 ~n g~Mxi tanh cunte~t such lien bY, or JefenJ enforeement at such lien in. kga! proceedmgs wh~ch operate to prevent the enfurcement ot Ihr lien or fo~(euure o( Ihe Properry or any part thereof S. Hazard I~urance. Borrower shall leep tht impru~cmcn~~ now ca~st~ng or hercafter erected on the Property insured against loss by hre. hazards included within the term "ertendeJ coverage". and ~uch other hatards ac Lender may reyuire wd m such amounts and for such pcriods as Lender may reyuire; provideJ, that.l_ender shall not requirc that the amount ot such coverage etceed that amount of cbverage reqwred ~o pay the s~~ms uc~~rcd ~hy ~his Mortgage. "I'he ~nsurance carrier providing the insurance shall be chosen by Bormwer sub~ect ta approval hy Lender, provid~d, that such approval sha11 not be unreasonably withheld. All prem~um~ on inwrance policies shall be paid ~n the manntr provided under paragraph 2 hereof or, if not pa~d in such manner, by B~~rrow•er mak~ng payment, when due, derecdy to the insurance curier. Al) insurance poliae~ anJ reneKals therrot shall he in form acceptable Io Lender and shall indude a standard mortgage c:ause in favor of and ,n furm acceptable ~o Lender. I.ender chall have the right to hold the policies and renewalc thereof. and B~rroKer shall promptly furnish to LenJer all rencMal n«I~ceti anJ ail rerc~pts of paid premium;. fn the e:ent of loss, Borrowtr shalt g~ve pn,mpt naUrr to Ihe ~n~urance carner and I.ender. 1_ender m~~• make pr~f of loss d not made prnmplly by Borrower Unless l.ender and Borrower o~herw„~ agree in wnting. imurance proceedc shall be applied to retitoration or repai~ nf the Propetty damaged, provided wch reslorahon or repair ic ea~nomically (easible and the ucurity of th~s Mortgage i~ not thereby impa:red. It wch restorauon or repair ~s no~ econ~~mic~lly featiMe or ~f the secunty of this Mortgage wnuld be impaired. the insurance pnxeeJs shall be app6ed lo the sums secureJ by th~s Mortgage, wuh the excess, if a~y, pa~d to Borrower It ~he Property n abanJoncd hy Borrower, ur it Borrower fails to respond to I.ender within 30 days from Ihe d~te nouce ~s mailyd by lxnder to Borrower that ~he. ~nsurance carrier otTert to ~et~le a cla~m for insurance benefits, 1_ender i~ authonud tu collect and apply the imurancr proceeJs at 1_ender's upti.~n eithcr to restorauon or repa~r of the Pr~pert~ or to the sums secured by th~~ :4lortgage. Unless I.rnder and durruwrr otherw„e agree m wnUng, an~ such applicauon ut prc.~eeds ro prmc~pal shall not e~tend ar pustpone Ihe Jue date o( Ihe munthly intitallmentc re(er~ed to ~n paraxraph~ i a~d 2 hereof or change tht arr.aunt of ~uch installmen~, 11 under paragr•rph 18 herec~f ~he ProE.ertp i~ acyuireJ h~ Lender, ell t~ght, tiUe and ~nterest of Borrr,wer in end to any knur~nce puhc~es and ~n and ti~ the pnx;erd~ thereot result~ng trum damage to the Property pnor to thc s~le or acqws~Uun ~ball pa~s to Lender w the eatent uf the ~ums ~ecured b) th~s 1ltortgage ~mm~d~ately pnor to such tale or acqu~sition. ' 6. Presenr~liun aod ~laialenance ot Propcrt}; 1_taseholds: ('ondominiums; Pianned 1;n11 Ikvebpments. B~rru•~cr sh~ll kcep thr Pruprny ~n g~xxi rep~u and shall not cumrpit Kastc or permu impairment or dtterioratiun of the Propeny and shall comply wqh ihe provn~ons of any lease if thu M~~rtg~ge ~~ un :~ Ieasrhold. If ~h~s Mortgage is on a unu m e condomimum ur r plaiinrd um~ Jc.rl~-pmcnt, Bc~rrower chall Exrform all of Borrower's obligations under the dCClatah~~n ur coveu~nls crca~~ng nr guverning the condominium or plannrd unrt devel~~pmen~, the by-laws and regulation~ ~~( the conJuminium ur plenneJ un~t det•elu~~mrnt. .~nd a~nslituent Jocum~nrti If a a-ndominium or planned un~t Jevelnpment rider ~~ executeJ by Borruwer and rr.~~rdrd ~~~gethcr With th~. ~l~~rtgage. Ihe eoven~nts and agreements ~rt tiuch n~l~r ehall be ~ncorMxa~ed ~ma ~nd tihall .~mrnd and wpplrm~nt the co.ensm~ anJ agreements of thn Mortgage at ~( thc r~+fcr +vcrc a ~iart F.CfCOf. 7. Proleilion ut I.ender's tiecurfty. It R~~rtr.+er t;,il. t~~ ~xr',~rm the covenants -rn.t agreements Cnnlamed in thi. Mu~~g~gr, ur it ~ny r~l~un ~~r pi~ti~cJinK i~ c~timmrnrrJ whi~n m,,trnail~ ~lic~t~ I en~ier'~ intere~t in tfie Pr~,;xr~}. in~lud~ng. hu~ m~t hnulyd tu. rm~~~rnl d~,~na~n. ~n~~~hcnc~. ~.xt~ r~f~~n~m~nt ~,r arr~ngemcnts ~~r pn~:ecdingt in~c,i+.ing a b.nkn,p~ ur d~~r~lrn~. ~hen I rnJer .~t f cndrr'. ~~phuu, u~~n nc~t~re t~. B~•rr~~wc:. ma~ m.,hr iu.h eppearances. d~shurtie ~uct~ ~urm anJ I~lr su.h e.t~un .1, ~s nr~e~.ar~ t~~ prr~r:t L~ndcr'~ inlerect. in.lu~line b~:t n~,t :im.ted to. d:sour,cment ~~( te~t~~n~blr a~~ntne~'~ Irr+ and ra~ry up.~n the PrrFxrt~ 1~+ m.~l~~ repe~n It (.~~ider rry~u.rJ m,~rtuage tnwran.e a, .+ ~unJil~un ~~f nialing Ihc luan ,rcurc~l M Ihi~ ~t~~rl~;.~K~. B~~rr~-NC~ ~h ~II ~.a~ th~ ~+r~mium~ reye~ireJ tn mai~;t., ~~~..h ~mur~n~r m rltr~ 1 unlil ,u.h t~mr :i~ thr rcyuurmcnt t~,r w~h in,utan.c trrm~n.~tr. +sT .~ti.orda~c•_ ~,th B= ss:~a~r'. ,r.•,: ~ • ~ ~ ~• ~ , _ :.~~. r _ ,; . . . - b'?,)K 349 1'!,(•z~~ ~ ' ' :- _ _. - -.~=:~